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If earlier reports I've heard are true, Singapore may have some leverage on this. I remember some news items from the season in which Singapore and Valencia debuted (2008), where the material said one of the new venues was paying a fee of $70 million, and I can't imagine that it was Valencia paying that sum. With an annual 5% increase in the fee, that would put the sanction on Singapore for 2012 at $84 million.
So, as long as Singapore is paying more than the other venues, even if they demand a substantial drop in the rate from what they shell out now, Bernie is still better off taking the deal.
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